What do organizations with

• Continuous Growth,
• Reputation in the Market,
• Cost-Effective Operations, and
• A Robust Work Culture have in common?

It’s an Internal Audit Process.

It helps firms protect their assets, such as the team’s efforts and time, the firm’s funds, and the customer’s trust.

What can help them get the most out of their internal audits?

An Internal Audit Management System.

So, today we’ll share with you everything you need to know about Internal Audit and Internal Audit Management Process or schedule a demo

What is an Internal Audit?

Internal audit is the process to ensure, guide, and lead the way for the firm to comply with quality standards (of the firm, market, and consumers), conform to processes to ensure Product & process quality, identify areas of improvement, mitigate risks, and reduce errors.

Why is an Internal Audit Important?

• Increased Profitability and Growth: It identifies areas of improvement, mitigates risks, and reduces errors to decrease costs and increase profit. 

• Conformance to the Standards and Regulatory Requirements: It ensures that the products comply with the firm’s, their market’s, and customer’s quality standards. 

• Conformance to the Processes and Procedures: It verifies whether the methods adapted help the firm make high-quality products. 

• Continuous Improvement of Work Culture: It helps teams collaborate to develop processes that lead to a firm’s faster growth. 
• Better Management: It takes place at fixed intervals, so the management gets time to plan the steps to improve operationally.

How to Improve your Internal Audits?

1. Follow the Audit Schedule :

Your teams should adhere to the schedule. They must follow the defined procedures to report and resolve issues. Doing so will help you get real value from your internal audits.

2. Work on NCR Issues

You should use the NCR to develop preventive measures to fix the gap in the processes as per the standard or requirements quickly and easily

3. Have a Review Meeting

You must bring everyone together after the first phase of an internal audit. Doing so helps you reflect on how the audit went, which issues they need to address, and how they can improve the process.

4. Skip the Non-Value Added Activities

You must strive to find an alternative to the tasks in the audit that are time, effort, and space-consuming. One way is to use a single platform for the entire “Internal Audit” process.

Don’ts of an Internal Audit:

1. Don’t Neglect the Schedule

You must ensure that everyone in the firm strictly follows the plan made for reporting and resolving issues.

2. Don’t Make Reports that Convey False Information

Your employees should never prepare false reports to escape the work required to solve the identified issues. Doing so can lead to problems affecting your firm’s bottom line.

3. Don’t Lag in Taking Proper Measures on the Reported NCRs

You wouldn’t be able to develop preventive measures and protect your firm from failures if you neglect the NCR issues

4. Don’t Think of the Review Meeting as a Formality

You shouldn’t present false reports and mislead the management. Doing so will take away the chance you have to improve and improvise

Which Features Should You Look Out For in an Internal Audit Management System?

Schedule a demo session to know how this will help your company

How can our Internal Audit Management System Help?

That’s all you need to know about an Internal Audit Management System.

To wrap up the entire guide, we will say-

An Internal Audit lets your firm skip and automate non-value-added activities, find and work on NCR issues, and help you improve profitability and management.

All to help your firm protect its assets and use them wisely to grow.

If there’s anything you want to know about an Internal Audit Management System, feel free to ask.

Schedule a demo with us if you want to explore our Internal Audit System.